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Do You Need a Collision Damage Waiver?

Content Provided by: Forbes Advisor When you rent a car, you will be asked if you want to buy optional insurance called a collision damage waiver (CDW). This insurance covers rental car repair bills if there’s an accident or if the car is stolen. It can be a pricey add-on, but it may be worth buying, depending on your own car insurance and credit card coverage. When Should You Buy a Collision Damage Waiver? A CDW can be a wise purchase if you don’t have: Your own car insurance that extends to rentals. A credit card with rental car coverage that you used to pay for the rental. A third-party rental car insurance policy. A CDW may also be worth considering if you: Simply don’t want to be responsible for any extra charges due to vehicle damage. Don’t want the hassle of identifying coverage gaps in your auto insurance and credit card coverage. Have car insurance but don’t want to risk your insurance rates rising if there is an accident with the rental car. Don’t want to pay for any damage out of pocket and then wait to be reimbursed by a credit card company or car insurance company. If…

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